Perth house listings surge as property prices continue to climb

Perth’s property market has recorded its highest number of new listings in three years, with more than 5,500 properties hitting the market in October.

The median house price in the Western Australian capital reached $715,000, marking a 2.1 per cent increase from September and a 22.2 per cent jump from last year.

REIWA CEO Cath Hart said the surge in listings coincided with the spring selling season.

“We’re in the midst of the spring selling season now and new listings have increased significantly, with more than 5,500 new listings in October, the highest monthly figure since March 2021,” she said.

Nearly 4,000 houses entered the market, the highest number since November 2021.

Unit prices also showed strong growth, rising 2.2 per cent to $475,000, representing a 17.3 per cent increase from October 2023.

Secret Harbour, Bassendean, Camillo and Orelia emerged as Perth’s fastest-selling suburbs, with properties selling within six days.

The rental market remained tight with only 1,955 properties available in October, down 4 per cent from September, though 12.7 per cent higher than last year.

Weekly rental prices held steady at $650 for the eighth consecutive month, while unit rents increased to $630.

Hart warned that upcoming federal and state elections could impact market activity.

“We know market activity often slows in the lead-up to elections as buyers and sellers wait to see the outcome,” she said.

The uncertainty around future interest rate cuts could also cause some buyers to delay their purchase decisions.